In an effort to push people within their communities to begin to purchase homes so as to improve the overall housing conditions in the various states, some state agencies are lending a helping hand to people who want to own a home but due to one reason or the other, are unable to do so.
The State of Utah has taken a bold decision to assist people who are buying homes for the very first time as well as those who are previous home owners to make purchases even if they do not have enough money to make down payments before their mortgage lenders offer them the home loans. This program by the State of Utah is even aimed at helping individuals with low credit scores.
However, the potential borrower’s credit score should not fall below 620 as that is the minimum credit score recommended for those who want to take opportunity of the Score Loan program. The Score Loan program is one of the two programs administered by the state to help borrowers with low credit score. The other program is known as HomeAgain Loan.
Borrowers who benefit from the Score Loan program can obtain a second mortgage of not more than 4% of the purchase price of the loan with which they can use to as down payment on the loan, while those on the HomeAgain program can obtain up to 6% of the home price.